Fox News Headline: Published March 20, 2023 1:19pm EDT

Texas university defends DEI, affirmative action as a ‘matter of national security’ amid SCOTUS case
Rice University said it will do everything 'within the bounds of the law' to promote diversity, equity and inclusion

Well that's me done with Rice.

I am going to burn:
i) My SWC Baseball Champions T-shirt;
ii) My replica Rice varsity baseball jersey;
iii) Any of a number of Rice baseball hats;
iv) A few Rice sweatshirts; and
iv) My Rice diploma (once I get back to Texas where it's stored).

I am quite conflicted as to what I should do with my graduation ring that I haven't worn for years. My three options are:
i) Return it to the Office of Alumni Affairs;
ii) Smash it with a stonemason's hammer and return it to the Office of Alumni Affairs; or
iii) Smash it with a stonemason's hammer and sell it as scrap gold and forward the proceeds to Hillsdale College or possibly the University of Austin.

Rice have chosen to turn their back on me and I dare say a few other alums.

I will never set foot on the Rice campus again.
I will never support Rice financially or otherwise.
I will not follow Rice athletics (for the first time in over 50 years).
I will not recognize the name Rice or Rice University or identify with same.

The Romans had a term for what I propose to do: "Damnatio Memoriae".

(03-21-2023 05:53 PM)MerseyOwl Wrote:  Fox News Headline: Published March 20, 2023 1:19pm EDT

Texas university defends DEI, affirmative action as a ‘matter of national security’ amid SCOTUS case
Rice University said it will do everything 'within the bounds of the law' to promote diversity, equity and inclusion

Well that's me done with Rice.

I am going to burn:
i) My SWC Baseball Champions T-shirt;
ii) My replica Rice varsity baseball jersey;
iii) Any of a number of Rice baseball hats;
iv) A few Rice sweatshirts; and
iv) My Rice diploma (once I get back to Texas where it's stored).

I am quite conflicted as to what I should do with my graduation ring that I haven't worn for years. My three options are:
i) Return it to the Office of Alumni Affairs;
ii) Smash it with a stonemason's hammer and return it to the Office of Alumni Affairs; or
iii) Smash it with a stonemason's hammer and sell it as scrap gold and forward the proceeds to Hillsdale College or possibly the University of Austin.

Rice have chosen to turn their back on me and I dare say a few other alums.

I will never set foot on the Rice campus again.
I will never support Rice financially or otherwise.
I will not follow Rice athletics (for the first time in over 50 years).
I will not recognize the name Rice or Rice University or identify with same.

The Romans had a term for what I propose to do: "Damnatio Memoriae".

I think quite definitely it will have an impact on me and others as far as financial support. My Rice logoed clothing are all aging, so they will not be replaced. My ring is long gone.



National security: what do they mean, that we should not discriminate against foreign spies on the basis race, or national origin?

(03-21-2023 06:00 PM)OptimisticOwl Wrote:  

(03-21-2023 05:53 PM)MerseyOwl Wrote:  Fox News Headline: Published March 20, 2023 1:19pm EDT

Texas university defends DEI, affirmative action as a ‘matter of national security’ amid SCOTUS case
Rice University said it will do everything 'within the bounds of the law' to promote diversity, equity and inclusion

Well that's me done with Rice.

I am going to burn:
i) My SWC Baseball Champions T-shirt;
ii) My replica Rice varsity baseball jersey;
iii) Any of a number of Rice baseball hats;
iv) A few Rice sweatshirts; and
iv) My Rice diploma (once I get back to Texas where it's stored).

I am quite conflicted as to what I should do with my graduation ring that I haven't worn for years. My three options are:
i) Return it to the Office of Alumni Affairs;
ii) Smash it with a stonemason's hammer and return it to the Office of Alumni Affairs; or
iii) Smash it with a stonemason's hammer and sell it as scrap gold and forward the proceeds to Hillsdale College or possibly the University of Austin.

Rice have chosen to turn their back on me and I dare say a few other alums.

I will never set foot on the Rice campus again.
I will never support Rice financially or otherwise.
I will not follow Rice athletics (for the first time in over 50 years).
I will not recognize the name Rice or Rice University or identify with same.

The Romans had a term for what I propose to do: "Damnatio Memoriae".

I think quite definitely it will have an impact on me and others as far as financial support. My Rice logoed clothing are all aging, so they will not be replaced. My ring is long gone.



National security: what do they mean, that we should not discriminate against foreign spies on the basis race, or national origin?

Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

(03-21-2023 06:11 PM)RiceLad15 Wrote:  Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

Announcing it.

(03-21-2023 05:53 PM)MerseyOwl Wrote:  Fox News Headline: Published March 20, 2023 1:19pm EDT
Texas university defends DEI, affirmative action as a ‘matter of national security’ amid SCOTUS case
Rice University said it will do everything 'within the bounds of the law' to promote diversity, equity and inclusion
Well that's me done with Rice.
I am going to burn:
i) My SWC Baseball Champions T-shirt;
ii) My replica Rice varsity baseball jersey;
iii) Any of a number of Rice baseball hats;
iv) A few Rice sweatshirts; and
iv) My Rice diploma (once I get back to Texas where it's stored).
I am quite conflicted as to what I should do with my graduation ring that I haven't worn for years. My three options are:
i) Return it to the Office of Alumni Affairs;
ii) Smash it with a stonemason's hammer and return it to the Office of Alumni Affairs; or
iii) Smash it with a stonemason's hammer and sell it as scrap gold and forward the proceeds to Hillsdale College or possibly the University of Austin.
Rice have chosen to turn their back on me and I dare say a few other alums.
I will never set foot on the Rice campus again.
I will never support Rice financially or otherwise.
I will not follow Rice athletics (for the first time in over 50 years).
I will not recognize the name Rice or Rice University or identify with same.
The Romans had a term for what I propose to do: "Damnatio Memoriae".

Same here.

Rice is no longer the university that I attended, and I would not attend this version.

(03-21-2023 05:53 PM)MerseyOwl Wrote:  Fox News Headline: Published March 20, 2023 1:19pm EDT

Texas university defends DEI, affirmative action as a ‘matter of national security’ amid SCOTUS case
Rice University said it will do everything 'within the bounds of the law' to promote diversity, equity and inclusion

Well that's me done with Rice.

I am going to burn:
i) My SWC Baseball Champions T-shirt;
ii) My replica Rice varsity baseball jersey;
iii) Any of a number of Rice baseball hats;
iv) A few Rice sweatshirts; and
iv) My Rice diploma (once I get back to Texas where it's stored).

I am quite conflicted as to what I should do with my graduation ring that I haven't worn for years. My three options are:
i) Return it to the Office of Alumni Affairs;
ii) Smash it with a stonemason's hammer and return it to the Office of Alumni Affairs; or
iii) Smash it with a stonemason's hammer and sell it as scrap gold and forward the proceeds to Hillsdale College or possibly the University of Austin.

Rice have chosen to turn their back on me and I dare say a few other alums.

I will never set foot on the Rice campus again.
I will never support Rice financially or otherwise.
I will not follow Rice athletics (for the first time in over 50 years).
I will not recognize the name Rice or Rice University or identify with same.

The Romans had a term for what I propose to do: "Damnatio Memoriae".

What about the statement was so odious to you? Was it specifically the part about national security? Because there was really no explanation for it as far as I could tell. What is your interpretation of it? Is there something about the rest of the statement that you find horrible?

“Fully tapping and developing the talent of underrepresented students and faculty at American colleges and universities benefits the country socially, economically and culturally. It is also, quite simply, a matter of national security," Rice President Reginal DesRoches, Provost Amy Dittmar and Vice Provost for Diversity, Equity and Inclusion Alex Byrd said in a March 8 email.

According to the statement, the private university's admissions office and general counsel are preparing for various outcomes of the SCOTUS case. They intend to do everything "within the bounds of the law" to recruit and retain a "widely diverse student body."

I think the problem is that diversity, inclusion, and equity (D-I-E, and I will always refer to them in that order) appear to be becoming more important than quality and accomplishment in attempting to order our society, going forward. I remember a quote by Bill Buckley, back when there was some controversy over whether a female pilot should be referred to as an aviator or aviatrix (remind anyone of pronouns?), something like, "I do not care whether a female flying the airplane in which I am a passenger prefers to be called aviator or aviatrix, but when we are at 30,000 feet over Denver, I want her to be thinking about something else."

IMO we are in serious danger of putting the cart way, way before the horse.

(03-22-2023 12:31 AM)Owl 69/70/75 Wrote:  

(03-21-2023 06:11 PM)RiceLad15 Wrote:  Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

Announcing it.

What is Rice doing differently?

Announcing it publicly and having it picked up on a national platform.

The first phrase that came to mind was "striking the colors."

The announcement is almost militant. There was no soft sell on why Diversity and Inclusion is important even though there is no empirical evidence of any kind on any benefits that it provides. Many organisations have tempered their positions and dropped Equity from the conversation. It has become the "silent E" of the conversation because it cannot be soft sold in connotation or denotation. I was on a 'company call' just the other day and the senior executive kept using / confusing / conflating equity with equality. They are not the same. I was also quite surprised that another senior executive mentioned "diversity of thought". I think they went off script, possibly intentionally, as I have never seen a diverse thought allowed in this organisation or within a diversity conversation.

The adverse effects of DEI, beyond a complete waste of money, are and will be chronicled just as the adverse effects of Affirmative Action have and are continuing to be chronicled.

Yes it's true that I had already distanced myself from Rice University. I hoped beyond reason that common sense would prevail, but that hope is gone.

Rice chose to "go public" two days ago and I chose to do the same as soon as I saw the article.

I think the phrase "Truth, Honor, Beauty" is incorporated somewhere in the text of my Rice diploma.

Truth, Honor, Beauty my ass.

(I guess my response qualifies as "outrage". Unfortunately it is too little and too late.)

(03-22-2023 07:24 AM)MerseyOwl Wrote:  

(03-22-2023 12:31 AM)Owl 69/70/75 Wrote:  

(03-21-2023 06:11 PM)RiceLad15 Wrote:  Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

Announcing it.

What is Rice doing differently?

Announcing it publicly and having it picked up on a national platform.

Did they announce it publicly or did somebody forward an email to FoxNews?

Quote:The first phrase that came to mind was "striking the colors."

I read the "national security part" as we need to have a robust economy and a weak economy is a threat to national security. My guess is that they are saying a diverse workforce is a better workforce which helps the economy. Just my read... it wasn't spelled out.

Quote:The announcement is almost militant. There was no soft sell on why Diversity and Inclusion is important even though there is no empirical evidence of any kind on any benefits that it provides. Many organisations have tempered their positions and dropped Equity from the conversation. It has become the "silent E" of the conversation because it cannot be soft sold in connotation or denotation. I was on a 'company call' just the other day and the senior executive kept using / confusing / conflating equity with equality. They are not the same. I was also quite surprised that another senior executive mentioned "diversity of thought". I think they went off script, possibly intentionally, as I have never seen a diverse thought allowed in this organisation or within a diversity conversation.

Militant? I think you are bringing some baggage into this interpretation TBH.

Quote:The adverse effects of DEI, beyond a complete waste of money, are and will be chronicled just as the adverse effects of Affirmative Action have and are continuing to be chronicled.

Have there been any benefits of AA from your standpoint that at all help to balance out those adverse affects?

Quote:Yes it's true that I had already distanced myself from Rice University. I hoped beyond reason that common sense would prevail, but that hope is gone.

Because the office of admissions said that they are committed to a diverse student body?

Quote:Rice chose to "go public" two days ago and I chose to do the same as soon as I saw the article.

I think the phrase "Truth, Honor, Beauty" is incorporated somewhere in the text of my Rice diploma.

Truth, Honor, Beauty my ass.

(I guess my response qualifies as "outrage". Unfortunately it is too little and too late.)

Maybe just donate your sweatshirts to Goodwill?

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

(03-22-2023 08:06 AM)Rice93 Wrote:  

(03-22-2023 07:24 AM)MerseyOwl Wrote:  

(03-22-2023 12:31 AM)Owl 69/70/75 Wrote:  

(03-21-2023 06:11 PM)RiceLad15 Wrote:  Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

Announcing it.

What is Rice doing differently?

Announcing it publicly and having it picked up on a national platform.

Did they announce it publicly or did somebody forward an email to FoxNews?
Article states that Rice released a statement. Where, when, and how not reported.

Quote:The first phrase that came to mind was "striking the colors."

I read the "national security part" as we need to have a robust economy and a weak economy is a threat to national security. My guess is that they are saying a diverse workforce is a better workforce which helps the economy. Just my read... it wasn't spelled out.
Stating something as fact, "a diverse workforce is a better workforce which helps the economy" doesn't make it so regardless of who says it (unless they're God.)

Quote:The announcement is almost militant. There was no soft sell on why Diversity and Inclusion is important even though there is no empirical evidence of any kind on any benefits that it provides. Many organisations have tempered their positions and dropped Equity from the conversation. It has become the "silent E" of the conversation because it cannot be soft sold in connotation or denotation. I was on a 'company call' just the other day and the senior executive kept using / confusing / conflating equity with equality. They are not the same. I was also quite surprised that another senior executive mentioned "diversity of thought". I think they went off script, possibly intentionally, as I have never seen a diverse thought allowed in this organisation or within a diversity conversation.

Militant? I think you are bringing some baggage into this interpretation TBH.
Googling militant: favouring confrontational...methods in support of a political or social cause. Maybe a bit overstated, but unilaterally issuing a public statement hardly suggests reticence.

Quote:The adverse effects of DEI, beyond a complete waste of money, are and will be chronicled just as the adverse effects of Affirmative Action have and are continuing to be chronicled.

Have there been any benefits of AA from your standpoint that at all help to balance out those adverse affects?
Granted initially there may have been some limited benefits from Affirmative Action if there were marginal candidates who gained access (but not at the expense to any other candidate) to higher education or employment. My understanding is that AA was to address the then educational shortcomings and discrimination that hindered or all but prohibited advancement. It was introduced in the 1960s. If it is still needed today, what has prevented the resolution of educational shortcomings over the past 60 years? Do you feel that discrimination is still pervasive as it was in the 60s or has it been replaced with "unconscious bias"?

(When I was at SRC in the late 70s there was a (black) colleague who had been admitted to medical school. He railed at the idea that anyone should be admitted to medical school based on their minority status. And his disgust was directed at contemporaries at Rice who argued exactly the opposite.)

Quote:Yes it's true that I had already distanced myself from Rice University. I hoped beyond reason that common sense would prevail, but that hope is gone.

Because the office of admissions said that they are committed to a diverse student body?
No, not in the least. If Rice wants to institute quotas based on intersectionality then let them state it openly. Let everyone know that you need to be in the top x of left-handed green-haired Martians to be admitted. Sorry I should have said targets not quotas. Diversity of thought as an admission criteria? Now that would be interesting.

I often wondered how I was accepted from a relatively weak academic high school and ill-equipped to compete with students who had graduated from better schools. It was probably a mutual mistake that only really effected one party.

Quote:Rice chose to "go public" two days ago and I chose to do the same as soon as I saw the article.

I think the phrase "Truth, Honor, Beauty" is incorporated somewhere in the text of my Rice diploma.

Truth, Honor, Beauty my ass.

(I guess my response qualifies as "outrage". Unfortunately it is too little and too late.)

Maybe just donate your sweatshirts to Goodwill?
Good idea, but not before I remove any distinguishing lettering or emblems.

Both the proponents and opponents of D+ are predictable.

Personally I would like to see the University admit the best students possible and graduate the best scholars possible. (any criticism of such a policy as racist tacitly says that people of certain groups would not be considered among the best possible, at least not enough to meet certain quotas) I don't think the D+ policies are compatible with that goal.

Rice is my alma mater. Hard to shake 60 years of allegiance and involvement. But I am disappointed with the direction(s) they are going, and will not support those choices.

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

(03-22-2023 09:48 AM)MerseyOwl Wrote:  

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

I’m intrigued at this wrinkle - how did SVB fail because of DEI?

(03-22-2023 09:44 AM)MerseyOwl Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  

(03-22-2023 07:24 AM)MerseyOwl Wrote:  

(03-22-2023 12:31 AM)Owl 69/70/75 Wrote:  [quote='RiceLad15' pid='18859648' dateline='1679440286']
Just wondering here - what is Rice doing differently with this announcement that is making you change your mind?

Announcing it.

What is Rice doing differently?

Announcing it publicly and having it picked up on a national platform.

Did they announce it publicly or did somebody forward an email to FoxNews?
Article states that Rice released a statement. Where, when, and how not reported.

So FoxNews said they released a public statement? You're taking that as fact? The first part of the article made it sound like an email to unknown recipients. Are we sure there was "a statement"?

(03-22-2023 09:51 AM)RiceLad15 Wrote:  

(03-22-2023 09:48 AM)MerseyOwl Wrote:  

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

I’m intrigued at this wrinkle - how did SVB fail because of DEI?

there are allegations they were too focused on D+, diverting their attention from banking business.

https://www.dailywire.com/news/failed-sv...t-activism

“This bank, they’re so concerned with DEI and politics and all kinds of stuff, I think that really diverted from them focusing on their core mission,” Florida Republican Gov. Ron DeSantis told Fox News on Sunday.

SVB reportedly failed to have someone in charge of risk assessment for some eight months, until January of this year, while the person in charge of risk assessment in the U.K. allegedly prioritized “pro-diversity initiatives” while neglecting her actual role, according to a Daily Mail report.

The bank has pages on its website dedicated to showing off its DEI initiatives and “workforce diversity.”


Jay Ersapah, Chief Risk Officer for the SVB in Europe, Africa and the Middle East, describes herself as a “queer person of color from a working-class background” and organized LGBTQ initiatives, including a month-long Pride campaign, the Daily Mail report outlined. Ersapah also implemented so-called safe space catch-ups for staffers and boasted of serving “underrepresented entrepreneurs.”

(03-22-2023 09:51 AM)RiceLad15 Wrote:  

(03-22-2023 09:48 AM)MerseyOwl Wrote:  

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  

(03-22-2023 08:06 AM)Rice93 Wrote:  My guess is that they are saying a diverse workforce is a better workforce which helps the economy.

Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

I’m intrigued at this wrinkle - how did SVB fail because of DEI?

I heard, and maybe it's bad information, that SVB ran operations for something like eight months without a chief risk officer. Other reports that I heard, that also might be wrong, was that the bank was focused was on DEI and ESG and not actually running the bank (profitably). Maybe you can do both, but they did not. Holding massive amounts of low interest bearing bonds while inflation was on the rampage is a bit dumb even for a first year economics student.

Not a problem as apparently the Fed is going to buy all of SVB's remaining Treasury bonds at face value and well above their market value. The Fed will then hold the bonds to maturity and not report any loss. Basic accounting is that the loss would have to be amortized over the remaining life of the bonds. Quantitative easing revisited.

The Fed is also guaranteeing all SVB's accounts above the FDIC standard $250,000 threshold. This would cover apparently 95+% of the accounts that would otherwise be subject to losses.

(OO apparently thinks and types faster than I do.)

(03-22-2023 10:34 AM)OptimisticOwl Wrote:  

(03-22-2023 09:51 AM)RiceLad15 Wrote:  

(03-22-2023 09:48 AM)MerseyOwl Wrote:  

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

I’m intrigued at this wrinkle - how did SVB fail because of DEI?

there are allegations they were too focused on D+, diverting their attention from banking business.

https://www.dailywire.com/news/failed-sv...t-activism

“This bank, they’re so concerned with DEI and politics and all kinds of stuff, I think that really diverted from them focusing on their core mission,” Florida Republican Gov. Ron DeSantis told Fox News on Sunday.

SVB reportedly failed to have someone in charge of risk assessment for some eight months, until January of this year, while the person in charge of risk assessment in the U.K. allegedly prioritized “pro-diversity initiatives” while neglecting her actual role, according to a Daily Mail report.

The bank has pages on its website dedicated to showing off its DEI initiatives and “workforce diversity.”


Jay Ersapah, Chief Risk Officer for the SVB in Europe, Africa and the Middle East, describes herself as a “queer person of color from a working-class background” and organized LGBTQ initiatives, including a month-long Pride campaign, the Daily Mail report outlined. Ersapah also implemented so-called safe space catch-ups for staffers and boasted of serving “underrepresented entrepreneurs.”

So am I getting this that a major charge is that leadership at SVB couldn't, in essence, walk and chew gum at the same time? Why else would the bolded be relevant?

I think this is an allegation that will be really tough to prove or disprove. Alleging that DEI initiatives were responsible for a lack of attention to financial risk or the specific decisions made that that, financially led to the downfall of SVB, likely won't turn up any receipts. It's not exactly uncommon for managers and executives (like Ersapah) to lead initiatives not directly tied to their job - did someone organizing community outreach events like volunteering at the local foodbank contribute to the failure too?

I'd be more apt to believe this is correlation and not causation until someone levying claims (like DeSantis) can provide the causation.

(03-22-2023 10:35 AM)MerseyOwl Wrote:  

(03-22-2023 09:51 AM)RiceLad15 Wrote:  

(03-22-2023 09:48 AM)MerseyOwl Wrote:  

(03-22-2023 08:16 AM)Rice93 Wrote:  

(03-22-2023 08:12 AM)Owl 69/70/75 Wrote:  Based upon what evidence?

I agree that diversity can help in some respects. But I would never put D-I-E above aptitude or accomplishments.

Nowhere does it say that DEI is MORE important than aptitude/accomplishments.

Never say the obvious out loud. Look at the idiots that ran SVB into oblivion.

I’m intrigued at this wrinkle - how did SVB fail because of DEI?

I heard, and maybe it's bad information, that SVB ran operations for something like eight months without a chief risk officer. Other reports that I heard, that also might be wrong, was that the bank was focused was on DEI and ESG and not actually running the bank (profitably). Maybe you can do both, but they did not. Holding massive amounts of low interest bearing bonds while inflation was on the rampage is a bit dumb even for a first year economics student.

Not a problem as apparently the Fed is going to buy all of SVB's remaining Treasury bonds at face value and well above their market value. The Fed will then hold the bonds to maturity and not report any loss. Basic accounting is that the loss would have to be amortized over the remaining life of the bonds. Quantitative easing revisited.

The Fed is also guaranteeing all SVB's accounts above the FDIC standard $250,000 threshold. This would cover apparently 95+% of the accounts that would otherwise be subject to losses.

(OO apparently thinks and types faster than I do.)

FTX completely s*** the bed as well. Was that because of DEI also because honestly there didn't look to be much diversity over there?